Abstract

• Product Design: Pump.fun’s token pages are more feature-rich. In addition to basic trading functions and candlestick charts, it includes storylines and message board sections to encourage deeper interaction between users and project teams. To help project teams promote their tokens, Pump.fun also features a live streaming channel, serving as a communication bridge between project teams and users — further enhancing the interactivity of both parties. In contrast, Letsbonk.fun is still in its early development stage with limited interactive features. Its product design is relatively simple, resulting in a less immersive and interactive user experience.

• Meme Narrative: Pump.fun offers four main types of Meme narratives: AI Meme, Zoo Meme, Art Meme, and AI Agent, creating a more diverse storytelling landscape. Letsbonk.fun, on the other hand, still focuses mainly on traditional Zoo Meme, with limited involvement in AI, artworks, and celebrities, etc.

• Trading Mechanism & Liquidity: Both platforms adopt the Bonding Curve model, which has become a standard paradigm for one-click token launches. Several 100x tokens on the Pump.fun platform have top holders that include the market maker Wintermute. In contrast, no market maker addresses have been identified among the major Memecoin holders on the Letsbonk.fun platform. From an institutional capital perspective, Pump.fun still holds a clear advantage over Letsbonk.fun.

• In terms of social media sentiment, Letsbonk.fun holds a relative advantage. In January 2025, Pump.fun transferred 90,000 SOL on-chain to the centralized exchange Kraken and sold the assets, which drew negative attention from the community. In contrast, Letsbonk.fun launched with an incentive program aimed at Memecoin project teams, collaborating with BonkAI to offer a $10,000 reward initiative.

• Conclusion: Letsbonk.fun has emerged as the most prominent challenger to Pump.fun. Within the Memecoin issuance ecosystem, the two platforms rely on distinct strategic resources. Backed by strong technical capabilities and institutional capital, Pump.fun takes a top-down approach — lowering the barrier to token launches through robust development infrastructure. In contrast, Letsbonk.fun leverages the influence of the BONK token — already a flagship Memecoin on the Solana chain — and draws on its deep community operation experience to adopt a bottom-up strategy. This approach has led to the creation of a one-click token launch platform that empowers community-driven projects.

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